Stephen is right..it is a big pain, but that will fix it, correctly. I've done this job, with pictures if you are interested (see below). I re-bedded with butyl tape when I 'upgraded' my lowers with the CD kit, and re-did the main chainplates. Digging out the rotten wood as far under the deck skin as possible is the most labor intensive part. Actually, the most difficult part is drilling holes in a perfectly good fiberglass deck...knowing there is rotten core inside is only a little comforting.
If you've had water leaking down the chainplates, you need to carefully inspect your bulkheads too, by removing the 3/8" screw/bolt/nut/washers. I am surprised my chainplate didn't just pull right thru the bulkhead and out the deck...although mine leaked for years before I got the boat. The bulkhead damage is on the forward side of the bulkhead, since the chainplate is bolted to that side, but often underneath the chainplate & not visible with an 'assembled inspection'.
You can keep the rig up by easing everything a little bit and removing one shroud at a time. A halyard to the side of the boat you are working on would help stabilize the rig too.
I chose to build 'jockstraps' for both sides too (I guess my racing background leaks into the cruising boat

), so the bulkheads are
almost decorative now.
Here are pics of the stbd repair...All the epoxy work was done on the forward side, which is not visible once the hanging locker is reinstalled. I used Smith's penetrating epoxy as well, to stiffen up what wood was left. Maybe someday I'll get motivated to replace them, but after the chart table project (which still is not complete) I am taking a break from woodworking projects.
The port side was bad enough I had to bond in a 1/2" piece of teak (old piece of hatchboard!) & sandwich the old bulkhead in the middle. I'll see if I can dig up a few of those..this is mostly a warning to fix it properly before you have to do as much work as I had to do!
Sorry some of the pics are fuzzy.
